The Swansea Building Society has reported that in 2020, its mortgage balances increased by £29.6 million to £302.9 million, an increase of 11%.

Its levels of mortgage lending were slightly down due to the disruption of the pandemic, at £67.1 million compared to £74.3 million in 2019.

Meanwhile, its its savings balances increased by £41.1 million to £386.8 million, a 12% rise.

The society posted a pre-tax profit of £3.3 million compared with the £2.3 million it made a year earlier in 2019.

Alun Williams (pictured), chief executive of the Swansea Building Society, said: “These are unprecedented times and we have been forced to adapt. Despite again not being able to hold the AGM in a physical form, members remained engaged in the process, casting votes and submitting questions in advance.

“We are also proud to present a record set of results to members, which we feel reflect the success of the five-year investment programme we started in 2015 and our ethos of keeping branches open and our services accessible to members throughout this challenging time.”